Will Vega circumvent destructive finance regulations as Uber circumvented taxi licensing?
Just as taxi licensing increases cost and decreases the value provided to cab riders, regulations in the finance industry reduce the value provided to investors.
Vega company overview:
The Vega Project is an effort to create a generalizable system which enables coordinated action for a group of participants based on the decentralized decisions of the individual participants who make up the group.
The Vega system runs on the Ethereum network, using smart contracts to (a) enable each participant to make proposals to the group, (b) enable each participant to make choices with respect to proposals that have been made by other participants, and (c) track the impact of each participant’s decisions on the achievement of the group’s objectives over time.
At its core, Vega is a system which utilizes distributed ledger technology (aka blockchain) – essentially database software running on the global, decentralized and distributed Ethereum computing platform – along with consensus rules and a carefully designed incentive structure in order to enable individuals to apply swarm intelligence to the pursuit of their shared objectives, harnessing the wisdom of the crowd to make decisions as a group for the purpose of maximizing the benefits to the individual participants.
Vega is essentially a system for effective digital democracy, which enables any group to manage itself strictly through the consensus of individual actors, provided only that the group is able to establish shared objectives which are clearly and unambiguously defined, precise metrics for assessing the group’s performance in achieving its objectives, and effective incentive structures which properly align the interests of individual participants with the shared interests of the group, all without any centralized control.